West Texas Intermediate (WTI) futures opened at $57.50 per barrel (bbl) on October 21, 2025. Brent crude opened at $61.00 per barrel. Both benchmarks remain closely watched gauges of global energy supply and demand. WTI futures are trading at $57.21/bbl, as of 9:24 a.m. ET. That’s down 0.49% since yesterday’s close.

The Trump administration is proposing to auction offshore oil drilling leases across new portions of the U.S. coast as soon as 2026, according to internal documents viewed by CBS News.

Traders have been paying close attention to the international benchmark in the wake of the new sanctions announced on two major Russian oil companies this week.

Sir Keir Starmer said the coalition of the willing has agreed on a ‘clear plan for the rest of the year’ in supporting Kyiv

US President Donald Trump has announced what he called "tremendous" new sanctions against two of Russia's largest oil companies, in a bid to pressure Moscow into ending its war on Ukraine. The measures target Rosneft and Lukoil - two major oil corporations that help fund the Kremlin's "war machine", according to US Treasury Secretary Scott Bessent.

The Trump administration on Thursday finalized plans to open the coastal plain of Alaska’s Arctic National Wildlife Refuge to potential oil and gas drilling, renewing a long-simmering debate over whether to drill in one of the nation’s environmental jewels.

Reliance Industries Ltd, the top Indian buyer of Russian oil, will abide by Western sanctions against Moscow while maintaining its relationship with current oil suppliers, its spokesperson said in a statement.

President Donald Trump imposed sanctions on Russia's largest oil companies Rosneft and Lukoil while canceling his planned summit with Russian President Vladimir Putin.

Oil prices on Wednesday scored their biggest one-day gain in a month, as traders weighed how the recent drop in prices could keep a lid on the flow of global crude supplies.

Oil prices fell on Friday as skepticism crept into the market about the Trump administration's commitment to sanctions on Russia's two biggest oil companies over the war in Ukraine.